Establishing a new revolving fund to be known as the Industrial Development Fund #434

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ORDINANCE NO. l 3 ~ ~~ 0 Z- AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, ESTABLISHING A NEW REVOLVING FUND TO BE KNOWN AS THE INDUSTRIAL DEVELOPMENT FUND (#434) STATEMENT OF PURPOSE AND INTENT On March 1, 2001, the Indiana General Assembly amended I.C. 36-7-13, (which provides for Community Revitalization Enhancement District (CREED legislation), to include St. Joseph County within the scope of the Act. In order for a municipality to provide the money needed to improve a designated CREED district, its governing body must "create a special revolving fund to be known as the industrial development fund, into which any available and unappropriated money of the unit maybe transferred by the unit's legislative body." I.C. 36-7-13-4(a). This Ordinance creates the fund required by I.C. 36-7-13-4(a). NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND as follows: Section I. Anew capital fund shall be and hereby is established within the Civil City of South Bend to be known as the Industrial Development Fund, designated further as Fund Number 434. Section II. The new capital Industrial Development Fund # 434 shall be used as the repository of any available and unappropriated money of the City of South Bend for the sole purpose of acquiring, improving, and generally dealing with real property located within a designated CREED district to the maximum extent permitted byI.C. 36-7-13-1 et seq., and specifically by I.C. 36-7-13-3. Section III. This Ordinance shall be in full force and effect from and after its passage by the Common Council and approval of the Mayor. ~G~~~ C~'-~L~~ Member, South Bend Common Council 0 2, 1st READING s ", 3 PUBLIC HEARWG (p-1 O_tJt 3 rd READING (~ - ~'p ^ C71- NOT APPROVED .. ., .~,~ REFERRED r- ^ OZ PASSED YJ ,\O